CTL Strategies ranked by Asia Law Profiles as a leading tax law firm in the Maldives
The Asia Law Profiles have ranked CTL Strategies as the leading law firm in the areas of taxation in the Maldives. It has also recognized us as the highly recommended firm in the areas of litigation and disputes.
The team at CTL Strategies has been praised by their clients as “dedicated and professional” in representing them in foreign investment and, cross-border taxation matters. The firm has a notably stellar reputation amongst local and multinational businesses in the Maldives, for managing and handling tax controversies and corporate litigation.
First Amendment to Business Registration Act Commences
On 5 January 2020, the Ministry of Economic Development issued an announcement regarding the commencement and operation of the First Amendment to the Business Registration Act.
As per the Ministry’s announcement, the businesses are no longer required to obtain canteen operating permit, restaurant operating permit, teashop operating permit, and permit for the trade of imported goods. Beginning 4 January 2020, the Ministry, City Councils, Island Councils, and the MIRA will also not collect any fees for the mentioned permits.
Furthermore, once a sole trader, company, partnership or co-operative society is registered, they can commence business without acquiring any additional permits from the Ministry, although the shops or activities they operate will now have to be registered with the MED within the deadlines prescribed in the Amendment.
The First Amendment to the Business Registration Act commenced on 4 January 2020.
(Image by Tim Mossholder on Unsplash)
Year in Review 2019
Our “Year in Review 2019” summarises the crucial regulatory developments in 2019. For ease of reference, these are categorised and labelled as “tax” and “legal” developments. Most of these developments are already explained in further detail in the several publications we made during the year. Some of the issues have also been addressed to in Blog posts by our lawyers and tax advisors.
For further information on the developments that may affect you, you may drop us an email on [email protected]
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